Official 2012 Tax Thread

[Inf4life]

It's everybodies favorite time of the year, tax time!!!! Most of us should be receiving W2's soon or have already received them. Post any tips for getting the most out of your return or what you plan on spending your tax returns on.

[Jeff]

i can be a big help here.

[Chris!]

Probably get money back...then 3mos later get hit with a $10k bill. Like usual

[nperkins]

I'm itching for my paperwork so I can file... I want my return so I can pay off my last loans, that way I can be back to the paycheck I was at before our lovely governor decided to raise our income tax another seven FUCKING PERCENT.

[cegan09]

I'm itching for my paperwork so I can file... I want my return so I can pay off my last loans, that way I can be back to the paycheck I was at before our lovely governor decided to raise our income tax another seven FUCKING PERCENT.

i've been hearing about this from two friends that live in CT. All i can say is ouch.


waiting on my W2. will probably get some money back again this year. All of it will go to loans.

[nperkins]

i've been hearing about this from two friends that live in CT. All i can say is ouch.


waiting on my W2. will probably get some money back again this year. All of it will go to loans.

Yup... Kinda funny... Taxes are up 7%, health care went up about 12%... Cost of living adjustment... 1%... Makes sense...

[thunderthud]

Pro tip: Don't have kids for the tax deduction. The damn things cost more than they save you in taxes!

[cheu_f50]

i can be a big help here.

care to explain further?

i have never done my own taxes but I want to this year to understand the whole thing better, instead of just letting someone else do it for me.

[Mr. Wolf]

First Filing year owning a Company. Am I going to get a lot of money back? I'm in pretty deep as far as losses.

[Big Pete]

Not even close to being an expert, but as far as I am aware, you can only offset losses against future gains. The government is not going to pay you to lose money. But you will have a deferred tax asset on your balance sheet that you can apply towards future profits.

I think. Only had one tax class though.

[BadJew]

care to explain further?

i have never done my own taxes but I want to this year to understand the whole thing better, instead of just letting someone else do it for me.

You should give doing your own taxes a shot, Even though I have an accountant I do my own first and usually come up with what he does. Could use free taxact.com or buy quicken turbo tax which I did, Makes it very easy. Makes things simple since it can download things like your W2 right from payroll company and also info from investment accounts. I really like doing taxes and have the software and would be glad to give you a hand if you want, and unlike having Jeff's help you wont end up in jail

[Snowflake]

Single...unemployment ....no deductions...earned interest..... Yupp 3rd yr in a row I'm paying

[BadJew]

Single...unemployment ....no deductions...earned interest..... Yupp 3rd yr in a row I'm paying

If it was just your earned interest your personal exemption would have probably kept you from owing anything. So basically just paying taxes on the your free Obama unemployment money. So really not that bad

[Chris!]

I think...gasp. I am going to do my own taxes this year. Everytime I pay a "professional" I get a bill a year later.

I have no more issues with iRS. But massDOR doesn't like my mileage write off. Awaiting my hearing to prove them I don't owe them 12710 from the last 4 years.

[kevblah]

both the wifey and i majored in accounting and she just passed her CPA and works at PwC.......and we still have an accountant do our fuggin taxes, lmfao!

[[cerberus]]

I hit up H&R block online. The last 4 years I have gotten a return, and I can have it done rather quickly. I do not have a lot of misc accounts though.

[thunderthud]

I think...gasp. I am going to do my own taxes this year. Everytime I pay a "professional" I get a bill a year later.

I have no more issues with iRS. But massDOR doesn't like my mileage write off. Awaiting my hearing to prove them I don't owe them 12710 from the last 4 years.

If you're getting a bill a year later, you really have the wrong person doing your taxes!

Every two years I have to go to NYC to a hearing to prove I don't live more than 180 days in New York City. They keep attempting to tax my income in MA because I own a condo in NY and obviously live there. The days I do work in NYC, I actually have to record the start and stop times so it is in our management system my hours worked there. It ends with an affidavit from me, notarized, that I worked these hours in the state and do not owe taxes; when they balk at the hearing I mention officer of the court and produce a bar card then they close the case and 24 months later decide I am a resident of NYC all over again.

Do you use a form for your write off mileage or do you record it in a little notebook? Usually if this is a recurring problem, you simply bury them with a simple form with the in and out mileage, date, and time on both ends. If it were me, and I had a question about the forms, I would go to my town hall and see the town clerk and have him or her notarize your form for two bucks. What hacks hate is an official stamp on anything, it makes them cower because that kind of thing shouldn't normally be on your documentation.

[KPewPew]

both the wifey and i majored in accounting and she just passed her CPA and works at PwC.......and we still have an accountant do our fuggin taxes, lmfao!

opportunity cost and comparative advantage in play

[Rafal]

Can't wait to get my $$ back. It's going to pay off my CC and Vette.

Letting my fav polish tax office in attleboro deal with my taxes. Not cheap but always good.

[Jeff]

I probably won't go to jail this year.